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Australian (re)insurer QBE's net profit fell by 39 percent during the first half of 2010 to $440mn, as the company suffered from difficult conditions in the equity and fixed interest markets.

The half-year result, expressed in US dollars, also reflected the absence of significant one-off gains.

The comparable results for 2009 included foreign exchange gains of $174mn, after it stopped hedging net investment in overseas operations, and $46mn in realised gains on the repurchase of debt securities.

The first-half 2010...

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  QBE profits slide by 39%
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